Konrad, Kai A.; Olsen, Trond E.; Schöb, Ronnie
Resource extraction and the threat of possible expropriation: The role of Swiss bank accounts.
In: Journal of Environmental Economics and Management, Vol. 26, Nr. 2: S. 149-162
Volltext auf 'Open Access LMU' nicht verfügbar.
This paper examines the consequences of resource owners being threatened with possible nationalization / expropriation. If shows that Long′s [J. Econom. Theory10, 42-53, 1975] overextraction result critically depends on availability of a relatively safer investment alternative. If all investment alternatives are similiarly uncertain, then resource extraction is efficient, but the overall savings-consumption decision is distorted toward consumption.